Crypto News
Uncover the Stablecoins That Outperformed USDC During Uncertainty – Decrypt

USD Coin (USDC ) holders had a long weekend, but fans of several other stablecoins saw a sudden, dramatic spike in the market capitalizations of their favorite projects. On Friday night, Circle, the company behind USDC, the world’s second-largest stablecoin by market cap, fell from its dollar peg to $0.87 after the company disclosed it held some $3.3 billion in cash reserves in the now-collapsed Silicon Valley Bank (SVB). Circle was quick to assure people that this exposure was minimal and that the total amount of cash the company held in SVB was less than 10% of the total USDC reserve. On Monday, intervention from both U.S. and British regulators contributed to restoring public confidence in Circle. Today, the stablecoin is trading only a fraction of a cent from its peg. Despite the recovery, several competitors have already capitalized on Circle’s brief wobble. Tether, Dai, TrueUSD and Liquity USD all benefited from the market fluctuation, increasing their market capitalization by 1.6%, 28.6%, 53.8% and 10.4% respectively. Tether was hit with a $41 million fine in 2021 for lying about its cash reserves, and has since worked to improve its transparency. Dai is backed by cryptocurrencies and is the fourth largest stablecoin on the market. TrueUSD is an Ethereum-based stablecoin and is backed 1:1 by nothing but cold hard fiat. Finally, Liquity USD is a DeFi lending protocol and users receive loans of LUSD by locking up their Ethereum as collateral. This article is for informational purposes only and does not constitute financial, investment, or other advice. #Stablecoins #Circle #USDC #Tether #DAI #TrueUSD #LiquityUSD #DeFi #CryptoBanking
You can read more about this topic here: Decrypt: Here Are the Stablecoins That Thrived as USDC Wobbled
The post Uncover the Stablecoins That Outperformed USDC During Uncertainty – Decrypt first appeared on Byte Syze Crypto.
Crypto News
Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year

Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
Crypto News
Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May

#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
Crypto News
CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry

The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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